Last time I expected downwards movement as long as price remained below 1.0951. But while the market remained below this level, the pattern that formed turned out to be too corrective for the supposed beginning of a new trend.
After a careful re-examination of all the price data we have so far, I’m convinced that this entire correction is less than two weeks away from completion, although not before it makes one more small high.
I’m updating the counts to reflect the most recent price action and to present tighter targets and invalidation points.
Synopsis: EUR/USD is expected to move down to find support between 1.0848 and 1.0787, while remaining below 1.0947.
Hourly Main Count
– Invalidation Point: 1.0947
– Confirmation Point: 1.0883
– Downwards Target: 1.0848 – 1.0787
– Wave number: Subminuette c
– Wave structure: Motive
– Wave pattern: Impulse
Elliott Wave chart analysis for the EURUSD for 28th April, 2017. Please click on the charts below to enlarge.
Main Daily Wave Count
The bigger picture on this daily chart sees that blue wave 2 is forming a triple zigzag labeled pink waves w through z.
Pink wave z is forming a zigzag labeled green waves (a), (b) and (c).
This count expects the euro ultimately to move towards the upside to complete pink wave z, and therefore blue wave 2. This will be confirmed by movement above 1.0951.
At 1.0953 pink wave z would reach 78.6% the length of pink wave w, then at 1.1058 it would reach 100% of its length.
This wave count is invalidated by movement above 1.1300 as blue wave 2 may not move beyond the start of blue wave 1.
Main Hourly Wave Count
This hourly count sees that green wave (b) is forming a flat labeled orange waves a, b and c.
Orange waves a and b each formed a zigzag labeled violet waves A, B and C.
Orange wave c is likely forming an impulse labeled violet waves 1 through 5.
This count expects the euro to move towards the downside in orange wave c to complete green wave (b). This will be largely confirmed by movement below 1.0883.
At 1.0848 orange wave c would reach 100% the length of orange wave a, then at 1.0787 it would reach 161.8% of its length.
This wave count is invalidated by movement above 1.0947 as violet wave 2 may not move beyond the start of violet wave 1.